TRUMP MATTERS

A bankruptcy court yesterday blessed an agreement between Donald Trump and shareholders of Trump Hotels & Casino Resorts on reorganizing the company.

Judge Judith Wizmur approved the disclosure statement, moving the company a step closer to exiting bankruptcy protection.

Trump Hotels, which operates three Atlantic City casinos and a riverboat in Gary, Ind., filed Chapter 11 on November 21, citing $1.8 billion in debt.

Under the latest plan, Mr. Trump will continue to serve as chairman of the company, which will be renamed Trump Entertainment Resorts Holdings LP.

– Associated Press

RETREAT

The Dow Jones Industrial Average retreated from this year’s high as American International Group Incorporated, the world’s largest insurer, received subpoenas from state and federal regulators. Gains among energy producers including Exxon Mobil Corporation and technology companies such as Apple Computer Incorporated sent the Standard & Poor’s 500 Index higher for a third day. AIG dropped after New York Attorney General Eliot Spitzer and the U.S. Securities and Exchange Commission sought information on policies that may help companies smooth earnings.

– Bloomberg News

UNDUE INFLUENCE

Convicted Air Force weapons acquisition chief Darleen Druyun might have unduly influenced eight contract awards totaling up to $3.5 billion, including four to Boeing Compnay and two to Lockheed Martin Corporation, Pentagon officials said.

Druyun, 57, is serving nine months in federal prison for violating federal conflict-of-interest laws: She negotiated a job with Boeing while representing the Air Force in negotiations on a now-defunct $23 billion deal in which Boeing would lease and sell the service of up to 100 aerial refueling tankers.

– Bloomberg News

RESIGNATION

OfficeMax Inc., the no. 3 American office-supplies retailer, said its chief executive, Christopher Milliken, resigned after an internal probe found the company fabricated $3.3 mil lion in rebates billed to suppliers.

Six employees have been fired based on information from the investigation, Itasca, Ill.-based OfficeMax said in a statement yesterday. The company’s shares dropped the most in almost four months after OfficeMax said fourth quarter profit was lower than analysts’ estimates, and results for the rest of 2004 will be restated.

Mr. Milliken’s departure after 14 months at the helm was a “mutual decision” with the board, company spokesman Bill Bonner said.

– Bloomberg News

HO-HUM

Verizon Communications’ $6.7 billion bid for MCI Inc. met with indifference yesterday on Wall Street, where stocks barely budged in very light trading. Mergers generally provide the markets with a boost, but with the telecom sector facing stiffer competition, investors saw the Verizon-MCI deal only as a necessary step in dealing with those competitive pressures. Most investors kept to the sidelines while the sector’s consolidation sorts itself out.

– Associated Press